Punjab Government Introduces New Contribution-Based Pension Policy
The Punjab government has introduced a new pension policy under which both government employees and the government will contribute to a pension fund.
Read More: Government Implements Significant Reforms to Pension Policy
Implementation & Key Details
- The Punjab Finance Department has issued a notification implementing the Contribution Pension Scheme across the province, effective immediately.
- The scheme applies to employees recruited after 2024 under the Punjab Civil Servants Amendment Ordinance 2023.
- Monthly Contributions:
- A fixed amount will be deducted from employees’ salaries.
- The government will contribute an equal amount to their pension account.
Investment & Retirement Benefits
- Pension funds will be invested through a qualified pension fund manager for financial sustainability.
- Employees can choose between a conventional or Sharia-compliant pension fund.
- Upon retirement, employees can either:
- Receive a monthly pension from the fund.
- Withdraw their savings under specific conditions.
Monitoring & Transparency
- The Punjab Pension Fund and the Punjab Accountant General will oversee the scheme to ensure transparency and efficiency.
